KEY: Quick Take: Core Q1/26 EBITDA in line; stand-alone Marketing guidance unveiled

Research evidence excerpt

KEY: Quick Take: Core Q1/26 EBITDA in line; stand-alone Marketing guidance unveiled

iso-octane. Keyera expects these impacts to largely reverse over the remainder of the year as

physical volumes are sold. DCF/share was $0.44 ($101 million) compared to our estimate of $0.43 and consensus of $0.32, with

the lower-than-expected EBITDA being offset by a favourable cash tax variance.

Marketing guidance for 2026 unveiled. Keyera forecasts its Marketing segment realized margin in 2026 to be $210-250 million on

a stand-alone basis, which compares to its long-term base guidance range of $310-350 million. Our Marketing estimate heading

into the quarter was $470 million, which consists of roughly $270 million on a stand-alone basis, plus $200 million of partial year

contributions from the Plains Canadian NGL acquisition. Keyera expects the majority of these margin contributions to be weighted

toward the second half of the year. Also for 2026, Keyera maintained its stand-alone expectation for: (a) growth capex of $400-475

million; (b) maintenance capital of $140-160 million; and (c) cash taxes of $60-70 million.

AEF: Required repairs have been completed Following the previously announced outage at AEF, Keyera expects the facility to

return to full operating capacity by the end of May. Following a review of the facility and its operating plan, Keyera will supplement

the existing four-year major turnaround cycle with a smaller planned outage between major turnarounds.

Advancing through its three major projects under development. Keyera's core growth projects continue to progress well, with

KAPS Zone 4 and KFS Frac III on track and on budget, while the KFS Frac II debottleneck remains on schedule for completion by